PadSplit is a housing startup that splits existing homes into bedrooms to rent out on a weekly basis. The company provides marketing and leads for the home; assists with home renovations; screens residents (known as members); and handles ongoing resident management involving phone, chat, points of escalation, and product support.
What Is PadSplit?
PadSplit borrows from its sharing-economy forbearers to solve a growing problem: housing insecurity. The start-up operates a network of homes where people rent rooms for long-term stays in exchange for weekly dues that cover everything from basic furnishings to electricity, water, and Wi-Fi access. The company reports those payments to credit agencies and helps tenants build their scores. It also subsidizes telemedicine costs and offers free perks like laundry access. Unlike traditional apartments, PadSplit doesn’t have any application fees or minimum credit score requirements. Instead, prospective Members pay 8 or 12 weeks of Membership dues upfront, which is often less than a security deposit at an apartment complex.
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How It Works
PadSplit’s digital co-living marketplace increases the supply of affordable housing by helping private landlords convert single-family homes into multi-unit residences. Members pay a weekly all-inclusive rate that includes rent, utilities, laundry, and wifi along with access to services such as credit reporting and telemedicine. The average cost is about 40% to 50% less than a traditional apartment or rental. There’s also no large security deposit and residents can move out any time without paying a fee.
Atticus LeBlanc, founder and CEO of PadSplit, started the company in 2017 to address what he saw as two critical factors in solving the affordable housing crisis: increasing supply and reducing barriers to entry. He saw that public housing and subsidized rent relief programs were too slow and inefficient to help enough people in need.
PadSplit handles marketing, vetting of applicants (including background checks and income verification), coordinating move-ins, payment collections and any resident issues through an app. Residents can communicate with their Host through the PadSplit app or call a dedicated number to report maintenance requests.
Renting A Room On PadSplit
Unlike traditional rental apartments, PadSplit homes offer fully furnished rooms in suburban neighborhoods that are rented out by the week. The all-inclusive rent includes utilities, WiFi, and access to telemedicine services. PadSplit also reports weekly payments to credit agencies, which can help tenants build their credit. Founded in 2017, PadSplit was created to address the affordable housing crisis through a shared-living model. Founder Atticus LeBlanc saw that public housing and subsidized Find a room for rent relief programs were slow and inefficient, and they couldn’t help as many people as needed.
PadSplit’s members are mainly minimum-wage workers, traveling film industry professionals and musicians, recent divorcees, and other individuals who need temporary accommodations. However, some residents say the company is exploiting them. A former tenant named Olomina said that she lived in a PadSplit house that smelled like urine and was full of roaches and that her cotenants frequently fought. She also complained that the company only owns houses in Black neighborhoods and that they prey on low-income Black tenants.
Maintenance Requests
A maintenance request is a formal method of informing apartment management about an issue that needs fixing. It’s important to submit a maintenance request whenever there is a problem that you can’t easily resolve yourself, such as a clogged toilet or a burned-out light bulb that’s too high on the cathedral ceiling. However, there are some maintenance requests that should always be considered low priority because they don’t pose a health risk or damage the property over time, such as replacing batteries in smoke detectors and garage remotes.
It’s also a good idea to submit a maintenance request instead of just calling or emailing management because, in case it slips their mind, you’ll have proof that you tried your best to notify them. Renters can log in to their Turbo Tenant account and submit a maintenance request that includes a title, description, an option for uploading photos, and a space to schedule a time of entry.
Conclusion
PadSplit renovates existing homes and rents out furnished bedrooms by the week. The company says its model can help people avoid displacement and save money on housing costs, while giving property owners higher earnings and reducing vacancies.
